Remy Cointreau in upbeat spirits as annual profits rise
Paris — Remy Cointreau reported higher-than-expected annual profits, thanks to improving demand for its premium cognacs in China, and predicted further profit growth this year. The maker of Remy Martin cognac and Cointreau liqueur, said it was making faster-than-expected progress on its plans to sell higher-priced spirits to boost profit margins, and the company raised its medium-term profitability forecasts. Remy Cointreau, which wants to become the world leader in top-end spirits, has been focusing on selling spirits priced at $50 a bottle or more, as part of a strategy that has benefited from a rebound in demand in China. Remy’s strategy differs from that of rival Pernod Ricard, which has launched brands that are less expensive in China. Remy’s operating profit for the year ended March 31 rose to ¤226.1m ($254.50m), representing an organic growth of 13.8%. This was above the company-compiled consensus of analysts’ forecasts for a profit of ¤211.5m, and above a prediction for orga...
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